Singapore legislation

Clause 183

Levy to meet liabilities

(1)

If at any time a fidelity fund is not sufficient to satisfy the liabilities that are then ascertained of a securities exchange or futures exchange in relation thereto, the securities exchange or futures exchange —

(a)

may impose on every member a levy of such amount as it thinks fit; or

(b)

if ordered by the Authority, shall impose a levy of such amount which shall in the aggregate be equivalent to the amount so specified in the order.

(2)

The amount of such levy shall be paid within the time and in the manner specified by the securities exchange or futures exchange either generally or in relation to any particular case.

(3)

No member of a securities exchange or futures exchange shall be required to pay by way of levy under this section more than $300,000 in the aggregate in any particular case.

Read in full context — Securities and Futures Bill →